How Do Credit Shelter Trusts Work?

by Jim
(Crossville, TN USA)

My spouse and I both have wills which make provision for a credit shelter trust. We currently own everything jointly. Must we separate our assets now so that when one of us dies, the deceased's assets will be identifiable for distribution to the trust? Or is it a legal presumption that each owns 50 percent?

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Apr 02, 2012
Get Heny Abts Book -- How to Settle Your Living Trust
by: Mo Johnson

Hi Jim, I really can't answer your question directly as it depends on many factors -- state law, specific assets, your situation and goals.

Generally, you should be able to place your assets in a trust and upon the death of the first spouse they are valued then. But, I can't say for sure if that's right in your situation. You can read much more about this in Henry Abts excellent Book:

How To Settle Your Living Trust : How You Can Settle a Living Trust Swiftly, Easily, and Safely

And, you'll never go wrong talking to a local Tennessee Living Trust Attorney.

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